Optional Life Insurance
A type of term insurance that is beneficial to active and retired state employees is the Optional Life Insurance. This type of insurance allows the insured to increase his coverage up to eight times the amount of his annual salary. The designated beneficiary will be paid in the case of your death or in other catastrophic events. Optional Life Insurance is not an investment policy because it has no cash value. Rather, it is an employee pay all benefit which allows the insured to opt for an advanced payment on his life insurance death benefits in events that he has been diagnosed with a terminal illness. This is termed Accelerated Life Benefit.
